Bloomberg reports that State Street paid a fine of $37.8m to settle allegations made in January by the U.K. Financial Conduct Authority that it charged clients in excess of contractual terms, the firm said today in a regulatory filing.
State Street deliberately overcharged six clients a total of $20.2m from June 2010 until September 2011, the FCA said last month. The firm “developed and executed a deliberate strategy” to charge undisclosed fees on top of agreed management or commission payments at a unit that helps institutions restructure investments, according to the FCA.
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image: © Jan Krömer